The morning news. [volume] (Savannah, Ga.) 1887-1900, 1887-07-10
KINGCOTTON PR0SPERING
ONLY ENCOURAGING REPORTS
FROM THE PLANTERS.

The Depression of the Past Two Years
| and It's Effect-A General Belief in
Higher Prices During the Coming
Year-An Extraordinarily Large De-
mand for Money from the Planters
An EARLY Gathering Looked For.
The cotton crop that is now growing will
probably excite more interest than any that
has been raised for several years past, for
the reason that cotton is almost as good as a
barometer Of cenmea::ial excitement or de
preston as iron. 1t is the key of CONNER
cial prosperity in the South, and exerts
a much more potent influence in this section
than does iron, and the success or failure of
a crop is of great deal more importance TO
the South than the rise or fall of the iron
market is TO the North. The last two years
have witnessed a period of depression.
The price of cotton declined and remained
at figure that was generally conceded TO
be low, but the revival in trade has given
promise of n more successful season this
coming year, and consequently planters and
factors are watching the cotton crop to see
what its possibilities are. The reports that
have been received SO far are most encour-
aging. 1t is true that the heaviest damage
reports are such as to encourage the
factors into the belief that even after sus-
tanning the customary damage the crop will
be an unusually large one, and the return it
will bring will be eminently satisfactory.
Burke, Clay, Dodge, Dolly, Dougherty,
Houston, Jefferson, Laurens, Mitchell. Pulas-
XII, Scriven, Thomas, Twiggs, Washington,
Wilcox counties of Georgia, and Jeffersonand
Madison counties in Florida, have all sent
in very full reports of the condition of the
crops, and on the whole they are fattering
The stands are all good and give promise of
an abundant yield. The fields are clean and
are kept in good condition. The plants are
healthy and seem strong enough to with
stand the evil influences to which they are
subjected.
A short while ago there were some com
plants from up the river of a need of rain,
but the plantations there have had all they
needed The rains have been general, and
while somo sections have had quite as much
as they need, there has not been too much
anywhere. The rains have come OPPORTUNITY
for there was danger of drought in some
parts of the country but that has passed
now, and unless there Is an unprecedentedly
dry spell from now until harvest, there will
he no trouble from want of wafer. The dry
weather that preceded the rain has, howev-
er, forced the plant to some extent and it
will result in the gathering of of more early
cotton than il usual
On account of the dullness of the past
two years, planters have borrowed more
money on their stands than usual The fac
tors have advanced more than they are
accustomed to, but they are compensated
for that in the more hopeful outlook of the
crop. Some planters who borrowed nothing
last year have been in for money this year,
and in a number of cases the factors have
had applications for loans from others than
their regular customers. In many instances
these applications have been refused because
of the condition of the money market.
The depression of silver in London and
the East India trade has caused sympa-
thetic depression in the trade of this coun-
try and consequent tightening of money
This has resulted in higher rates of interest
and prevented the factors from doing what
they would liked to have done for the plant
ers. They borrowed money from the banks
at and per cent. last year, but they can
not get it for less than Z per cent. this sum-
mer, and, therefore, they have been forced
to curtail their loans, to the inconvenience
of the planters. But still that is only q
temporary disadvantage for in a short
while cotton will begin to move and the
stringency of the market will be relaxed.